TOKY3 Grupo Toky

Grupo Toky is a Brazilian retail conglomerate focused on the Home & Décor segment, formed by combining assets that originated at Mobly S.A. and Tok&Stok. Its common shares are traded on B3 under the ticker TOKY3. The group’s history dates back to the end of 2010, when Mobly’s founders – Marcelo Marques, Victor Noda and Mário Fernandes – structured an e-commerce model specialized in furniture and home goods, launching the website in 2011 and starting e-commerce operations in Brazil. Over the following years, Mobly received successive investments from international institutional investors, went through corporate reorganizations and, in 2021, carried out its initial public offering on B3, then under the ticker MBLY3. In 2024, with the contribution of Tok&Stok shares to the shareholder base, the company consolidated the creation of Grupo Toky, which brought together the Mobly, Tok&Stok and Guldi brands under a single corporate structure.

Tok&Stok’s history adds to Grupo Toky a trajectory that began in 1978, focused on furniture and home accessories with an emphasis on functional design and aesthetics. Mobly, in turn, was born as a digital operation in 2011, built from the outset on proprietary e-commerce and technology platforms. Guldi complements the group with a focus on mattresses and home comfort products. The integration of these brands resulted in one of the largest specialized Home & Décor retail groups in Latin America, with a broad portfolio and different brand positions to serve a wide range of consumer profiles. The transaction that created Grupo Toky also changed the control structure, diluting home24 Holding’s role as majority controlling shareholder and reinforcing its profile as a domestic retail holding company with well-established brands in the Brazilian market.

Grupo Toky’s business model is centered on retail sales of furniture and décor items, focusing on direct sales to the end consumer through both physical stores and digital channels. The company operates as a Home & Living platform with a strong technological component, combining e-commerce, mobile apps, a proprietary marketplace and a store network. Activities are treated as a single operating segment, with all net operating revenue attributed to the sale of products and services related to furniture and accessories retail. In 2024, net operating revenue reached approximately R$ 811.2 million, generated entirely in Brazil. There is no material concentration in large customers, since no buyer accounts for more than 10% of net revenue, underscoring the fragmented, B2C nature of the consumer base.

Grupo Toky’s product offering is broad within the Home & Living category, covering furniture for all rooms in the home, décor, textiles, outdoor items, lighting and household utensils. A key feature of the business is the balance between private-label brands and third-party products. In 2024, around 61% of the group’s net revenue came from private brands, developed under an asset-light model with outsourced production by selected local and international suppliers, in addition to a line of “beneficiated” products, in which the company manages inputs and industrial specifications with third parties. The remaining 39% of revenue comes from third-party products sold under 1P (direct retail) and 3P (marketplace) models, which broadens the assortment and reinforces the platform’s appeal. Guldi’s focus on mattresses and comfort products complements the conglomerate’s portfolio, strengthening its presence in an important category within Home & Décor.

Grupo Toky’s commercial strategy is multichannel, combining physical stores, proprietary websites, partner marketplaces and proprietary mobile apps. In December 2024, the group operated 67 own stores, organized in different formats including megastores, outlets and compact units, as well as partner stores. The physical base, which in 2023 consisted of 19 stores, expanded significantly, with presence concentrated in the Southeast region and units also in the South. In parallel, digital channels include the websites www.mobly.com.br, www.tokstok.com.br and www.guldi.com.br, as well as the “Mobly” and “Tok&Stok” apps for iOS and Android. These channels are integrated into an omnichannel proposition, in which consumers can search, buy, pick up or receive products in different combinations of physical and online stores, supported by additional services such as assembly, technical assistance, extended warranty and Mobly Decora, focused on décor consulting.

Logistics is a key pillar of Grupo Toky’s strategy, given the inherent complexity of transporting furniture and bulky products in Brazil. The company has no in-house production, working with third-party suppliers that deliver products to distribution centers located in the states of São Paulo, Minas Gerais, Santa Catarina, Pernambuco and Espírito Santo. In 2022, it unified distribution centers in Cajamar (SP) and expanded the network with logistics hubs in Contagem (MG) and Serra (ES), in addition to a center in Cabo de Santo Agostinho (PE). In 2024, the company had 6 distribution centers, which supply physical stores and make direct deliveries to consumers. Mobly Log operates as an in-house last-mile delivery structure, combined with third-party carriers, seeking to reduce lead times and increase control over service levels, with a significant portion of sales delivered within a few days on average across the country.

From a technology standpoint, Grupo Toky operates a proprietary, cloud-based e-commerce platform built with strong API integration, which allows customization and continuous evolution of internal systems. Artificial intelligence resources are used for product recommendation, image-based search, creation of digital environments (“complete the look”), 3D images, interactive virtual reality and augmented reality, enabling consumers to view products at real scale in their own spaces. This technology infrastructure also supports data analysis to optimize customer acquisition, conversion rates and assortment management. In payments, the company integrates multiple methods – credit card, boleto and PIX – through partnerships with payment institutions regulated by the Central Bank, without acting directly as a financial institution.

In terms of regulatory and governance environment, Grupo Toky is subject to general personal data protection rules, especially the General Data Protection Law (LGPD). The company structures internal processes to map, categorize and process user data, maintains information security tools, monitors vulnerabilities and appoints a data protection officer (DPO), in line with the requirements of the National Data Protection Authority. From an environmental standpoint, it falls under a regulatory framework that provides for administrative, civil and criminal liability in the event of violations, even though its core activity does not involve its own industrial production. The absence of revenue abroad highlights Grupo Toky’s current geographic concentration in the Brazilian market, with growth supported by store expansion, consolidation of its brands and the increasing penetration of e-commerce in the Furniture and Home Goods segment.